Well-regarded crypto analyst Benjamin Cowen predicts that Bitcoin (BTC) will act without clear direction in the coming months.
In a new strategy session, Cowen tells his 732,000 YouTube subscribers that Bitcoin is likely to have “pretty choppy months ahead” as the Federal Reserve ramps up efforts to combat inflation, including raising interest rates.
“As the Fed hikes interest rates and stuff all year long and we’re dealing with them expanding the balance sheet and ultimately the inflation fighting it, I still think we have some pretty turbulent months ahead of us.”
Cryptocurrency analyst says Bitcoin would need to break two key resistance levels for flagshipcryptocurrency move convincingly out of its current trading range.
“In the event of a short term sustained recovery the levels we would like to revisit as I said are $41,400 and $42,500. $41,400 and $42,500. This is where we would like to see bitcoin bounce back up. Until then, we’ll just do what we’ve been doing for the past few months.”
According to Cowen, Bitcoin has stayed in the zone it is currently trading in longer than the period of the downtrend from all-time high in November 2021 to the low in January this year.
“In fact, I think we’ve been in this range longer than we have been in the downtrend. If you look at the downtrend since we started moving down [$69,275]that was 11 weeks.
And that kind of thing from down here [$32,987], you could argue that we’ve been on this for 14 weeks now. So we are actually in this range longer than this initial downtrend has lasted.”
Bitcoin is trading at $39,579 at the time of writing.
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Source: Crypto News Deutsch